The Indian Angel Network (IAN) said on Wednesday it has invested in Swadha Energies Pvt. Ltd, a Chennai-based startup that makes tech-driven products and software systems aimed at conserving energy.
IAN members MVS Mani, co-founder of Future Focus Infotech Pvt. Ltd, and Nitin Zambre, former managing director at ICF India, led the funding round, the angel network said in a statement.
Also, early-stage investor Manu Iyer is joining the startup’s board, the IAN said. It didn’t disclose the amount that the network invested.
Swadha Energies will use the funds to develop its technologies and drive awareness regarding environmental concerns among people. A part of the investment will also go into enhancing the company’s sales and marketing operations, and in expanding its commercial footprint, the IAN said.
The IIT Chennai-incubated startup has developed special motor controller and algorithms to optimally manage and control centralized air conditioning in commercial buildings.
The company was launched by Ankit Poddar, a computer science graduate from West Bengal University, in 2015. Since its launch, the company has been mainly working with consultants associated with green-building forums. These professionals can use smart HVAC (heating, air conditioning, ventilation and refrigeration) technologies to make buildings green through retro-fitting or integrating them for the first time.
“Our main product is an intelligent motor drive which can be used across industries as agri-pump, elevator or escalator, electric vehicle and domestic appliances, and so on,” said Poddar.
The company carried out its first installation at IIT-Madras Research Park for Rs 6 crore. Since then, it has done over 25 installations, both greenfield and retrofit. It has also tied up with air-conditioning systems maker Blue Star.
“To maximise output while minimising energy consumption requires really innovative thinking, and bright minds at Swadha Energies give us hope for a better future,” said lead IAN investor MVS Mani.
IAN is one of the most active angel networks in India. It has invested in more than 110 startups so far including Druva Software, Sapience Analytics, SP Robotics, Far Eye and Unboxd Ltd.
IAN also has a Rs 450-crore fund that invests in sectors such as healthcare and medical devices, software-as-a-service, marketplaces, fintech, big data, artificial intelligence and hardware.
Earlier this month, it invested in Flatpebble, an AI-driven cataloguing platform, and local discovery and e-commerce platform Little Black Book.
